We know that money laundering is one of the greatest risks facing legal professionals dealing with residential property transactions today. Although the true extent of money laundering activity is unknown, the National Crime Agency have warned that it could realistically cost the UK economy over £100 billion each year.
With conveyancing firms being a key target for money-laundering activity, this growing threat has prompted a renewed focus on AML compliance from the legal regulatory bodies. For example, the Solicitors Regulation Authority highlighted its proactive enforcement work in its latest anti-money laundering report for 2020/21 and pledged to take robust action against firms failing in their regulatory responsibilities.
Intelliworks Conveyancing Workflows
For our customers, ongoing risk management and compliance with the changing AML regulations are key business priorities. As part of our ongoing commitment to ensuring that Intelliworks conveyancing workflows are compliant, we have reviewed and updated each of the Conveyancing workflows with a range of enhancements and additions to support our customers
The new AML process introduced to the Intelliworks Conveyancing workflows, is designed to assist law firms in carrying out anti-money laundering risk assessments in accordance with the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 and the Legal Sector Affinity Group Guidance recently approved by the UK Treasury.
The workflows guide users through client and matter level risk assessments, with targeted questions drawing on key themes from the regulations and the new guidance. The process is enriched with helpful links (such as links to the sanctions lists, and details of ‘high risk’ countries as maintained by the UK Treasury). Functionality has been added to the Intelliworks workflows for users to demonstrate ongoing monitoring of money laundering risks throughout their transactions. The process also allows users to generate a written risk assessment to document their decision-making and record the factors they have considered.
In addition to the new AML process enhancements, all Intelliworks workflows have a number of integrated ID checks and tools to allow users to proactively consider and address risks in each individual transaction.
Each Intelliworks workflow also benefits from a fully automated, time and date stamped audit trail which records each risk review, process task and document utilised during the course of the transaction. The history of the transaction can be searched for easy reference to events and progress both during and after the matter has completed.
Carefully designed risk management processes and reviews are integrated into the Intelliworks Conveyancing workflows. This provides Intelliworks customers with the opportunity to pro-actively incorporate and promote the consideration of risk management within their day to day working practices. Intelliworks supports practice development via dynamic, responsive task production and helpful guidance to ensure the highest level of diligence is achieved.
Intelliworks Conveyancing workflows have been developed and designed to provide confidence and transparency to all stakeholders engaged in the transaction, ranging from senior management to conveyancers and to their clients.
We are pleased to announce the recent addition of our AML and Fraud Risk Review processes to the General Property workflow. For more information on the Conveyancing Workflows available, click here.